BMO's Ian Lyngen said Tsys "traded..........>

US TSYS: BMO's Ian Lyngen said Tsys "traded poorly" Tues against "backdrop of

stronger equity performance that found its inspiration" from various

developments, "not least of which was chatter" on "administration making

progress toward a putting together a tax reform deal. With Cohn as the champion

of this round of tax reforms, it will undoubtedly receive a great deal of

attention by both the mkt and the media: recall that Trump has tied Cohn's

potential nomination as the Fed Chrmn to the success of his tax proposal" but

"political calculus may have changed somewhat in light" of "recent departures

from the Trump camp and Cohn's decision to stay."

- He added talk on "compromises being sought to fund tax reforms" are "very

familiar: capping the mortgage interest deduction, ending the ability to deduct

state and local taxes, and cutting the business interest expense deductions.

These potential rev. sources have all been on the chopping block in the past"

but "net result has always been one of political infeasibility. That isn't to

suggest that nothing has changed" in "political landscape and the ability to

find common ground" but needs "more buy-in" vs before for "tangible progress."